Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to our common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. We include the effect of participating securities in basic and diluted earnings per share computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Outstanding warrants and stock-based compensation were antidilutive as a result of the net loss for the three months ended March 31, 2026 and 2025 and therefore were excluded from the dilutive calculation. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. We had 4.3 million and 3.8 million unvested service- and performance-based awards which are considered antidilutive to the dilutive loss per share calculation for the three months ended March 31, 2026 and 2025, respectively.

The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net loss attributable to common stockholders for the three months ended March 31, 2026 and 2025 (dollars in thousands):

	*For the Three Months Ended*
	*March 31, 2026*			*March 31, 2025*
Numerator:
Net loss attributable to MIC	$	(7,257	)	$	(4,159	)
Net loss attributable to participating securities		—			—
Net loss attributable to MIC common stock	$	(7,257	)	$	(4,159	)
Denominator:
Basic and dilutive weighted average shares of common stock outstanding		39,391,374			40,523,710
Basic and diluted loss per weighted average common share:
Basic and dilutive	$	(0.18	)	$	(0.10	)